Archive for September 15th, 2008

Under The Bed, Looking for Matches

I take a couple of weeks off and on the first day the world’s financial system goes into meltdown. Again! Well, it’s not up to me to sort out the mess: I’m on holiday.

Dean Baker is on the case, and he knows who to blame though:

He was the one who choose to ignore the abusive lending practices in the mortgage industry that became widespread under his tenure. He was the one who chose to ignore the growth of an $8 trillion housing bubble.

When he said that, “This is a once-in-a-half-century, probably once-in-a-century type of event,” it might have been worth pointing out that he was the arsonist who created the conditions for the extraordinary set of events hitting Wall Street.

When the lessons are finally drawn up on this one, I’m guessing one of them will be ‘don’t hand over control of your banking system for nearly twenty years to an Ayn Rand devotee and treat him/her like a sage’.

Anyways, here’s Lighting Fires by Grant McLennan. I have checked its suitability as an accompanying soundtrack to watching stock markets tumble, and it works perfectly.

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